§ 4-116-102 - Definitions. - Arkansas Statutes

4-116-102. Definitions.

(1) "Consumer" means a person who, individually or in conjunction with another consumer, is solicited for, applies for, or receives a refund anticipation loan or refund anticipation check;

(2) "Creditor" means a person who makes a refund anticipation loan or who takes an assignment of a refund anticipation loan;

(3) (A) "Facilitator" means a person who, individually or in conjunction or cooperation with another person:

(i) Processes, receives, or accepts an application or agreement for a refund anticipation loan or refund anticipation check;

(ii) Services or collects upon a refund anticipation loan or refund anticipation check; or

(iii) Facilitates the making of a refund anticipation loan or refund anticipation check.

(B) "Facilitator" does not include a bank, savings and loan association, credit union, or person who acts solely as an intermediary and does not deal with the public in the making of a refund anticipation loan or refund anticipation check;

(4) (A) "Refund anticipation loan" means a loan arranged to be paid directly or indirectly from the proceeds of the consumer's income tax refund or tax credits.

(B) "Refund anticipation loan" includes any sale, assignment, or purchase of a consumer's tax refund at a discount or for a fee, whether or not the consumer is required to repay the buyer or assignee if the Internal Revenue Service denies or reduces the consumer's tax refund;

(5) (A) "Refund anticipation loan fee" means any charges, fees, or other consideration charged or imposed directly or indirectly for the making of or in connection with a refund anticipation loan.

(B) "Refund anticipation loan fee" includes a charge, fee, or other consideration for a deposit account if the deposit account is used for receipt of the consumer's tax refund to repay the amount owed on the loan; and

(6) "Refund anticipation check" means a check, stored value card, or other payment mechanism, representing the proceeds of the consumer's tax refund, which was issued by a depository institution or other person that received a direct deposit of the consumer's tax refund or tax credit and for which the consumer has paid a fee or other consideration for such payment mechanism.